Bankinter | Inmobiliaria Colonial (COL) is selling assets in Madrid and Málaga for €44 million. We reiterate our Buy recommendation.
The company has agreed to sell the Tucumán office building, in the Campo de las Naciones area of Madrid, for €24 million and a residential complex in Málaga for €20 million.
Bankinter research team’s view: Good news. The company continues to make progress with its asset rotation plan and has already completed 70% of the planned divestments (€350 million of the €500 million announced). This will enable it to reduce debt and finance growth in assets related to science and innovation.
We reiterate our Buy recommendation. Colonial h as the highest-quality office portfolio in Europe, with full occupancy and scope for rent increases, and offers a dividend yield of close to 6% and upside potential of over 30% relative to our target price.
